Fund manager Henderson Global Investors has increased its stake in wind power projects developer Renewable Energy Holdings (REH) to 17.2%.
The shareholding has been increased by 700,000 shares to 8.71m, equivalent to 12.5%. It also holds a contract for difference over 4.7% of the company. In just over one year, Henderson has increased its shareholding from below 10%.
Wave energy technology developer Carnegie Wave Energy has signed a power supply and grid connection agreement with the Australian Department of Defence, which will enable power to be supplied to Australia’s largest naval base, HMAS Stirling, on Garden Island in Western Australia. ASX-listed Carnegie is hopeful that the first power will be supplied by the end of 2013.
Last week, REH reduced its stake in Carnegie to 10% and said that it intended to distribute the shares to its own shareholders. Carnegie shares are trading at A$0.048 each and the stake is worth nearly A$5m.
In April, REH said that it intended to sell all of its assets and distribute the cash to shareholders. It still has projects in Wales and Poland.
At 8p a share, REH is valued at £5.57m.
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